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Wheat futures on the Chicago Board of Trade City Board of Trade turned higher at mid-session on Wednesday, led by a jump in nearby Minneapolis Grain Exchange spring wheat amid export demand, traders said. The markets got a lift after USDA confirmed sales of 290,000 tonnes of US hard red winter and spring wheat to an unknown destination.
Firm spring wheat cash markets were also prompting bull spreading in Minneapolis, with spot December gaining on back months. As of 11:35 am CDT (1635 GMT), CBOT December wheat was up 1-1/2 cents at $9.24 per bushel. KCBT December was up 1-3/4 cents at $9.21 and MGE December spring wheat was up 11 cents at $9.07-1/2 after reaching $9.10.

Copyright Reuters, 2007

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